Replies to post #2114 on Wyckoff volume benchmarking / market profile bt a

[jmb015]

Maybe it went to the bottom end of the current uptrend range?

[jxyzobrien]

lower
vix confirming. with the bounce the market is not too oversold.

breadth ticks confirming.

the tariff news still not a market killer but spx 2900 is over bought.

metals bad but fangs OK,

so 3 day selling still looks most likely

[jxyzobrien]

news means almost nothing
unless war, 911, lehman brothers
tariff really nothing that will shatter the market

at doctors first couple hours

market profile flaws
Tops are often with an excess high. we had that barely.
Profile traders want perfection and do not want to use another form
of TA. They will combine any other form of TA.

So shadow2 thought an up day since the excess high was not extreme

Simplistic EW had wave 5 (64) much longer then wave 1 or 3

That said MP said get a good location for your trade was the 2nd time
thru the open. I like the 2nd time on any trade.

Notice how shorts covered before the close to not get caught too short.
I am mildly bearish

[jxyzobrien]

b wave
only made it to 10am

[jxyzobrien]

Channel held so EW count changed.
5th wave started yesterday

normally a move is not this long and we would have had some selling
for at least a few days after a 3rd clear high.

the market after all had an excess high and RTH and ATH highs were the same
so the market had done its job.

EW count had an extended 5th subwave and hit the top of the channel.

But unless we gap down hard tuesday the up move is not done.

when the market had an equal numbers of buyers and sellers and went sideways this is the market balancing.

Markets can go up forever if they hold the short term channel.